FX.co ★ Forecast for USD/JPY on May 19, 2023

USD/JPY

The USD/JPY pair has done a lot of work this week and reached powerful resistance in the embedded price channel line and the MACD line on the weekly chart.

If this success is consolidated, the pair will continue to rise, with 142.20 as the target. On the daily chart, the price needs to consolidate above the level, surpass yesterday's high, then the targets 139.40 and 140.35 (September 22, 2022 low) will sequentially become available.

This could happen next week, if not for the price divergence with the Marlin oscillator. If the price settles below the 138.50 level, the subsequent correction will delay the bullish expectation. On the four-hour chart, the price has far moved away from the MACD indicator line.

In the market's interest to slow down a bit of the movement, the price can continue to rise with fresh forces later. The Marlin oscillator has turned down, indicating the need for discharge before the expected growth.